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SEPTEMBER 15, 2009 Bank Nears Accord on Russian Lawsuit
By GREGORY L. WHITE and WILL BLAND
MOSCOW -- The Bank of New York Mellon is near an agreement to settle a 22.5 billion lawsuit brought by the Russian government after the bank offered to restart trade-finance lending to Moscow once the suit is resolved, according to people close to the discussions.
A settlement could come before the next hearing, set for Oct. 20, a person close to the talks said.
From the Archives
Russia Sues BONY Over 1990s Scandal But there is no certainty of a deal until final approval is granted by the Russian government. Russian officials declined to comment on when a decision might come or what it might be.
The suit, brought in 2007 in the Moscow Arbitration Court by Russia's Federal Customs Service, had raised concerns about the rule of law in Russia and alarmed investors.
The Customs Service is represented by Miami lawyers who sought to apply U.S. racketeering law in Russian court, where it has never been used before. The suit sought damages from the bank related to a U.S. Justice Department investigation in which a Bank of New York vice president allegedly helped to transfer billion out of Russia in the late 1990s.
Although Bank of New York has rejected the lawsuit as meritless, the uncertainty of its outcome has hung over the bank since it was filed. Investors and analysts have sporadically expressed concern about a potential adverse judgment in the case even though the bank had said that any ruling against the company would be unenforceable.
The Bank of New York has been in settlement discussions on and off since the spring.
The judge in the case encouraged the two sides to settle and has repeatedly delayed hearings to allow talks to continue.
The discussions seemed to stall in the late spring and early summer, according to people close to the talks
Progress resumed after a U.S.-Russian summit in July, they said.
On Monday, Russian Finance Minister Alexei Kudrin told reporters he was aware of a new offer from the bank involving the lending.
"I support compromise efforts by the Customs Service," Mr. Kudrin said.
The proposed lending isn't explicitly linked to the case, according to people close to the discussions, but would begin after any settlement, resuming business that the bank suspended as the case heated up in recent years.
Under discussion is a $400 million trade-finance facility to be available to Russian state banks to help fund imports and exports. Renewable every 180 days, it would run for five years.
A person close to the talks said the bank's exposure would be no more than $400 million and pricing would be done at market terms.
In addition, the lawsuit would be settled with an out-of-court agreement under which the bank would pay court costs, up to about $14 million, according to the people close to the discussions.
The Customs Service had been seeking far more -- as much as $1 billion -- in the talks, according to people close to the discussions.
But the bank rejected a large settlement, which officials said would have rewarded the U.S. lawyers who brought the case.
Court documents show the lawyers would get nearly a third of any settlement, though the lawyers won't comment on the terms of their contract.
Venemaa president Vladimir Putin (vasakul) ajab oma rida Sergei Ivanovi (paremal) abiga. Peaminister Dmitri Medvedevi kabinet justkui vaid dubleeriks Ivanovi töövaldkonda.
Tänavusel Eurovisionil San Marinot esindanud Valentina Monetta, kelle „The Social Networking Song” on saanud mõnedelt kriitikutelt Eurovisioni kõige halvema laulu tiitli. Foto: Claude Langlois / Eurovision
Rahapesupank kuldab Venemaa üle
Tuvastamata Kasutaja
Tuvastamata Kasutaja
ei vasta tõele
http://online.wsj.com/article/SB1252956903453096...
Tuvastamata Kasutaja
By GREGORY L. WHITE and WILL BLAND
MOSCOW -- The Bank of New York Mellon is near an agreement to settle a 22.5 billion lawsuit brought by the Russian government after the bank offered to restart trade-finance lending to Moscow once the suit is resolved, according to people close to the discussions.
A settlement could come before the next hearing, set for Oct. 20, a person close to the talks said.
From the Archives
Russia Sues BONY Over 1990s Scandal But there is no certainty of a deal until final approval is granted by the Russian government. Russian officials declined to comment on when a decision might come or what it might be.
The suit, brought in 2007 in the Moscow Arbitration Court by Russia's Federal Customs Service, had raised concerns about the rule of law in Russia and alarmed investors.
The Customs Service is represented by Miami lawyers who sought to apply U.S. racketeering law in Russian court, where it has never been used before. The suit sought damages from the bank related to a U.S. Justice Department investigation in which a Bank of New York vice president allegedly helped to transfer billion out of Russia in the late 1990s.
Although Bank of New York has rejected the lawsuit as meritless, the uncertainty of its outcome has hung over the bank since it was filed. Investors and analysts have sporadically expressed concern about a potential adverse judgment in the case even though the bank had said that any ruling against the company would be unenforceable.
The Bank of New York has been in settlement discussions on and off since the spring.
The judge in the case encouraged the two sides to settle and has repeatedly delayed hearings to allow talks to continue.
The discussions seemed to stall in the late spring and early summer, according to people close to the talks
Progress resumed after a U.S.-Russian summit in July, they said.
Tuvastamata Kasutaja
"I support compromise efforts by the Customs Service," Mr. Kudrin said.
The proposed lending isn't explicitly linked to the case, according to people close to the discussions, but would begin after any settlement, resuming business that the bank suspended as the case heated up in recent years.
Under discussion is a $400 million trade-finance facility to be available to Russian state banks to help fund imports and exports. Renewable every 180 days, it would run for five years.
A person close to the talks said the bank's exposure would be no more than $400 million and pricing would be done at market terms.
In addition, the lawsuit would be settled with an out-of-court agreement under which the bank would pay court costs, up to about $14 million, according to the people close to the discussions.
The Customs Service had been seeking far more -- as much as $1 billion -- in the talks, according to people close to the discussions.
But the bank rejected a large settlement, which officials said would have rewarded the U.S. lawyers who brought the case.
Court documents show the lawyers would get nearly a third of any settlement, though the lawyers won't comment on the terms of their contract.